By John Wood Group, a leading consulting and engineering company, has announced its financial results for the first half of 2023, showing impressive revenue growth across its businesses. The company expects to report revenue of approximately $2.9 billion for H1 2023, representing a 15% increase compared to the same period in 2022.
Key highlights of the report include:
Robust Performance in Projects Unit
John Wood Group’s projects unit delivered exceptional results, with revenue soaring by 26% to approximately $1.2 billion. This significant growth can be attributed to both increased pass-through revenue and a more favorable comparable period.
Solid Adjusted Earnings
The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached around $195 million, marking a 6% increase compared to the previous year.
Net Debt and Financial Stability
As of June 30th, 2023, John Wood Group’s net debt amounted to around $650 million, which is higher than the $393 million recorded on December 31st, 2022. Despite this increase, the company remains financially stable and confident in its future prospects.
Forward Guidance
The company reaffirmed its full-year guidance, anticipating adjusted EBITDA growth in the mid-to-high single-digit range. Additionally, John Wood Group is optimistic about achieving positive free cash flow in the second half of 2023 and throughout 2024.
Comments